American e-commerce giant eBay has announced plans to buy ‘end-to-end’ vehicle transaction platform Caramel.
The US-based car auction site allows private companies and independent dealers to handle the selling and purchasing of vehicles all within the app. This includes the paperwork, ownership transfer, financing and delivery of the cars all occurring in-app.
Caramel, founded in 2021 and launched in 2023, was reportedly purchased with the intention to enhance the eBay Motors platform and allow customers and sellers to trade vehicles within one seamless experience.
Chris Prill, General Manager of eBay Motors, said the acquisition is about “simplifying the buying process and building trust for vehicle buyers.”
Prior to the acquisition, eBay hosted listings for pre-owned car sellers on the site but left the payment process and paperwork responsibilities for the respective dealers to manage.
Amazon has also recently launched its own vehicle trading platform, “Amazon Autos”, starting by exclusively selling Hyundai models and with the intention of including more brands in the near-future.
Edward Brojerdi, CEO and co-founder of Caramel, commented: “We are excited to join eBay to help reinvent e-commerce for car enthusiasts across the U.S.”
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